One of the main problems is that the vast majority or paysites are absolutely shit, and too expensive or use deceptive billing practices.
Of course a small proportion of people will always purchase premium content, but soon porn will be completely commodified. The effect will trickle down into the smaller sub-niches and soon almost everyone will be able to find their particular vice and jerk off for free.
On the flip side, porn traffic overall is only going up and we are training a whole generation of kids to be porn-addicted wankers... When you've got the eyeballs, you can always sell them something.
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